Meiji Yasuda Life Insurance Co Lowers Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Meiji Yasuda Life Insurance Co reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,459 shares of the natural resource company’s stock after selling 407 shares during the period. Meiji Yasuda Life Insurance Co’s holdings in Freeport-McMoRan were worth $1,140,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Tompkins Financial Corp lifted its position in Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after buying an additional 200 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Freeport-McMoRan by 0.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC lifted its position in Freeport-McMoRan by 0.5% during the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after acquiring an additional 207 shares during the period. Kingsview Wealth Management LLC boosted its stake in Freeport-McMoRan by 4.3% during the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after acquiring an additional 214 shares in the last quarter. Finally, MV Capital Management Inc. increased its stake in shares of Freeport-McMoRan by 38.6% during the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.8 %

NYSE:FCX opened at $43.92 on Thursday. The company has a 50 day simple moving average of $43.97 and a two-hundred day simple moving average of $47.09. The company has a market cap of $63.09 billion, a PE ratio of 38.87, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.35 earnings per share. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.37%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of analyst reports. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Wednesday. Raymond James cut their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 24th. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.